Ontario’s fiscal watchdog says credit rating remains stable despite COVID-19

TORONTO – Ontario’s fiscal watchdog says the province’s credit rating has remained stable in 2020 despite the costs incurred by the government during the COVID-19 pandemic.

The Financial Accountability Office says in a report today that all four major international rating agencies have reaffirmed the province’s credit at either AA- or A+, the fifth and sixth highest ratings.

But the FAO warns that those ratings are all contingent on the province’s post-pandemic plan including steady decreases in budget deficit and lowering debt burden.

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Earlier this month, the province announced that its deficit projection had nearly doubled in three months because of the outbreak.

Finance Minister Rod Phillips said the deficit would be $38.5 billion, up from the $20.5 billion projected in March.

Premier Doug Ford has said COVID-19 will also scuttle the government’s previous plans to balance the budget by 2023-2024.